The median U.S. home sale price soared to $397,954 in June – a nearly 5% increase from a year earlier, per Redfin.
— unusual_whales (@unusual_whales) July 25, 2024
That marks the highest level on record and the biggest annual increase since March.
we will begin dealing with the effects of that in the not so distant future.ThunderCougarFalconBird said:
How are most people able to carry a 400k note at current rates?
ThunderCougarFalconBird said:
How are most people able to carry a 400k note at current rates?
ETA I'm not talking about the millionaires here on TexAgs. I'm talking about Joe Sixpack and Jane Boxwine.
ThunderCougarFalconBird said:
How are most people able to carry a 400k note at current rates?
ETA I'm not talking about the millionaires here on TexAgs. I'm talking about Joe Sixpack and Jane Boxwine.
ThunderCougarFalconBird said:
How are most people able to carry a 400k note at current rates?
ETA I'm not talking about the millionaires here on TexAgs. I'm talking about Joe Sixpack and Jane Boxwine.
The note is probably doable (by itself).ThunderCougarFalconBird said:
How are most people able to carry a 400k note at current rates?
ETA I'm not talking about the millionaires here on TexAgs. I'm talking about Joe Sixpack and Jane Boxwine.
Ultimately what it boils down to.Sea Speed said:I would assume people that want something half decent will have to move to an area like mine. There's a remodeled home with a pool, a shop, an air conditioner gym and 2 apartments for sale in my area for 315k and it's on I think .67 acres. There's plenty more affordable housing, it just isn't in the cool hip areas. Certainly there will have to be a resistance in places like this.ThunderCougarFalconBird said:
How are most people able to carry a 400k note at current rates?
ETA I'm not talking about the millionaires here on TexAgs. I'm talking about Joe Sixpack and Jane Boxwine.
They can't. That is why you see all of these multi-family dwellings popping up everywhere.ThunderCougarFalconBird said:
How are most people able to carry a 400k note at current rates?
ETA I'm not talking about the millionaires here on TexAgs. I'm talking about Joe Sixpack and Jane Boxwine.
JobSecurity said:ThunderCougarFalconBird said:
How are most people able to carry a 400k note at current rates?
ETA I'm not talking about the millionaires here on TexAgs. I'm talking about Joe Sixpack and Jane Boxwine.
For reference, 400k with 20% down @ 6.75% with 2.2% property tax and average insurance is around ~3000/mo
Definitely tight for an "average" household of 80k but I wouldn't say impossible
Are there a white collar jobs available within 30 miles of your area? If you're spending an hour commuting both ways and missing your kid's baseball games, it may be worth it to live in the more expensive, hip locationSea Speed said:ThunderCougarFalconBird said:
How are most people able to carry a 400k note at current rates?
ETA I'm not talking about the millionaires here on TexAgs. I'm talking about Joe Sixpack and Jane Boxwine.
I would assume people that want something half decent will have to move to an area like mine. There's a remodeled home with a pool, a shop, an air conditioner gym and 2 apartments for sale in my area for 315k and it's on I think .67 acres. There's plenty more affordable housing, it just isn't in the cool hip areas. Certainly there will have to be a resistance in places like this.
Stat Monitor Repairman said:Ultimately what it boils down to.Sea Speed said:I would assume people that want something half decent will have to move to an area like mine. There's a remodeled home with a pool, a shop, an air conditioner gym and 2 apartments for sale in my area for 315k and it's on I think .67 acres. There's plenty more affordable housing, it just isn't in the cool hip areas. Certainly there will have to be a resistance in places like this.ThunderCougarFalconBird said:
How are most people able to carry a 400k note at current rates?
ETA I'm not talking about the millionaires here on TexAgs. I'm talking about Joe Sixpack and Jane Boxwine.
There's plenty affordable houses with land in flyover states but just not in any place that any Gen Zer wants to live.
There's also plenty of high-paid jobs out there that require being away from home for long periods living on rig, ship, barge or man camp, but nobody wants to be away from wifi or Suzie rottencrotch.
Not sure where those numbers are coming from.Sims said:The note is probably doable (by itself).ThunderCougarFalconBird said:
How are most people able to carry a 400k note at current rates?
ETA I'm not talking about the millionaires here on TexAgs. I'm talking about Joe Sixpack and Jane Boxwine.
Add insurance, property tax, maintenance etc and you are cruisin for a bruisin compared to 5 years ago.
Home ownership is leaving the grasp of many.
barbacoa taco said:
and this is why younger generations get annoyed when boomers say things like "back in my day i bought a house at age 23 during my first job out of college, why can't you?"
Wages always lag behind inflation. Wages will continue to rise because the value of the dollar has dropped so far (IMO.)ThunderCougarFalconBird said:
How are most people able to carry a 400k note at current rates?
ETA I'm not talking about the millionaires here on TexAgs. I'm talking about Joe Sixpack and Jane Boxwine.
Are those firms hiring and are there jobs available matching the skills and qualifications labor pool?Sea Speed said:
There are law offices and engineering firms and I'm sure plenty of other businesses that are white collar, yes.
That is a frustrating thing to hear, for sure, because circumstances are not equal now to how they were when Boomers were in their twenties and thirties. I think that we can all agree, though, that younger millennials and older Gen Zs who are entering the workforce have different priorities than Boomers and even GenXers. They do not remember the years their parents struggle financially and used only one car or two beat up cars, didn't go on nice vacations and would settle for a trip to Six Flags every couple of years, and didn't eat out often at all. They remember the prosperous years and expect to have a similar lifestyle right out of college. And even if they don't consciously realize it, many do prioritize the latest gadgets and toys, evenings out with friends, and fun vacations. They aren't saving for an investing in the future.barbacoa taco said:
and this is why younger generations get annoyed when boomers say things like "back in my day i bought a house at age 23 during my first job out of college, why can't you?"
A Net Full of Jello said:
We bought our first house in October of 2011. It was just over 2200 square feet in an Austin suburb and we paid right around $120,000 for it. Today, that home is appraised at $334,425. It went up 277% in 13 years. That's obscene.
ThunderCougarFalconBird said:
How are most people able to carry a 400k note at current rates?
ETA I'm not talking about the millionaires here on TexAgs. I'm talking about Joe Sixpack and Jane Boxwine.
Good job proving you don't want to do what is necessary to improve your life.Quote:
Yea I would have to leave my industry learn a trade, spend money and pivot to a off shore rigging.
barbacoa taco said:
the vast majority can't. and even with a well paying job right out of school, it will take a few years to save for a down payment in a major metro area. it's very different now than it was in the 60s and 70s.
tysker said:Are those firms hiring and are there jobs available matching the skills and qualifications labor pool?Sea Speed said:
There are law offices and engineering firms and I'm sure plenty of other businesses that are white collar, yes.
